Intrinsic value of Autoliv - ALV

Previous Close

$84.23

  Intrinsic Value

$131.92

stock screener

  Rating & Target

str. buy

+57%

Previous close

$84.23

 
Intrinsic value

$131.92

 
Up/down potential

+57%

 
Rating

str. buy

We calculate the intrinsic value of ALV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  11,577
  12,833
  14,150
  15,528
  16,967
  18,466
  20,027
  21,651
  23,340
  25,094
  26,918
  28,813
  30,782
  32,830
  34,960
  37,176
  39,482
  41,884
  44,387
  46,996
  49,717
  52,557
  55,521
  58,617
  61,852
  65,233
  68,769
  72,467
  76,337
  80,387
Variable operating expenses, $m
  10,588
  11,721
  12,909
  14,152
  15,450
  16,803
  18,211
  19,676
  21,199
  22,782
  24,283
  25,993
  27,770
  29,617
  31,538
  33,537
  35,618
  37,785
  40,043
  42,397
  44,852
  47,413
  50,087
  52,880
  55,799
  58,849
  62,038
  65,375
  68,866
  72,520
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  10,588
  11,721
  12,909
  14,152
  15,450
  16,803
  18,211
  19,676
  21,199
  22,782
  24,283
  25,993
  27,770
  29,617
  31,538
  33,537
  35,618
  37,785
  40,043
  42,397
  44,852
  47,413
  50,087
  52,880
  55,799
  58,849
  62,038
  65,375
  68,866
  72,520
Operating income, $m
  989
  1,112
  1,241
  1,376
  1,516
  1,663
  1,816
  1,975
  2,140
  2,312
  2,634
  2,820
  3,013
  3,213
  3,421
  3,638
  3,864
  4,099
  4,344
  4,599
  4,866
  5,143
  5,434
  5,737
  6,053
  6,384
  6,730
  7,092
  7,471
  7,867
EBITDA, $m
  1,483
  1,644
  1,813
  1,989
  2,174
  2,366
  2,566
  2,774
  2,990
  3,215
  3,449
  3,691
  3,944
  4,206
  4,479
  4,763
  5,058
  5,366
  5,687
  6,021
  6,370
  6,733
  7,113
  7,510
  7,924
  8,357
  8,810
  9,284
  9,780
  10,299
Interest expense (income), $m
  64
  72
  100
  129
  160
  193
  227
  262
  298
  337
  376
  417
  460
  505
  551
  599
  649
  701
  755
  812
  871
  932
  996
  1,062
  1,132
  1,205
  1,281
  1,360
  1,443
  1,530
  1,621
Earnings before tax, $m
  917
  1,012
  1,111
  1,215
  1,324
  1,437
  1,554
  1,677
  1,804
  1,936
  2,217
  2,360
  2,508
  2,662
  2,822
  2,989
  3,163
  3,344
  3,532
  3,729
  3,934
  4,148
  4,371
  4,605
  4,848
  5,103
  5,370
  5,649
  5,941
  6,246
Tax expense, $m
  248
  273
  300
  328
  357
  388
  420
  453
  487
  523
  599
  637
  677
  719
  762
  807
  854
  903
  954
  1,007
  1,062
  1,120
  1,180
  1,243
  1,309
  1,378
  1,450
  1,525
  1,604
  1,686
Net income, $m
  670
  739
  811
  887
  966
  1,049
  1,135
  1,224
  1,317
  1,413
  1,618
  1,722
  1,831
  1,943
  2,060
  2,182
  2,309
  2,441
  2,579
  2,722
  2,872
  3,028
  3,191
  3,361
  3,539
  3,725
  3,920
  4,124
  4,337
  4,560

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,536
  10,571
  11,656
  12,791
  13,976
  15,211
  16,497
  17,835
  19,225
  20,671
  22,173
  23,734
  25,356
  27,043
  28,797
  30,622
  32,522
  34,501
  36,563
  38,712
  40,953
  43,292
  45,734
  48,284
  50,949
  53,734
  56,646
  59,693
  62,880
  66,217
Adjusted assets (=assets-cash), $m
  9,536
  10,571
  11,656
  12,791
  13,976
  15,211
  16,497
  17,835
  19,225
  20,671
  22,173
  23,734
  25,356
  27,043
  28,797
  30,622
  32,522
  34,501
  36,563
  38,712
  40,953
  43,292
  45,734
  48,284
  50,949
  53,734
  56,646
  59,693
  62,880
  66,217
Revenue / Adjusted assets
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
Average production assets, $m
  2,802
  3,106
  3,424
  3,758
  4,106
  4,469
  4,847
  5,240
  5,648
  6,073
  6,514
  6,973
  7,449
  7,945
  8,460
  8,996
  9,555
  10,136
  10,742
  11,373
  12,032
  12,719
  13,436
  14,185
  14,968
  15,786
  16,642
  17,537
  18,474
  19,454
Working capital, $m
  683
  757
  835
  916
  1,001
  1,089
  1,182
  1,277
  1,377
  1,481
  1,588
  1,700
  1,816
  1,937
  2,063
  2,193
  2,329
  2,471
  2,619
  2,773
  2,933
  3,101
  3,276
  3,458
  3,649
  3,849
  4,057
  4,276
  4,504
  4,743
Total debt, $m
  1,851
  2,397
  2,970
  3,569
  4,195
  4,847
  5,526
  6,232
  6,967
  7,730
  8,523
  9,347
  10,204
  11,094
  12,020
  12,984
  13,987
  15,032
  16,121
  17,255
  18,439
  19,674
  20,963
  22,310
  23,717
  25,187
  26,725
  28,333
  30,016
  31,778
Total liabilities, $m
  5,035
  5,581
  6,154
  6,753
  7,379
  8,031
  8,710
  9,417
  10,151
  10,914
  11,707
  12,531
  13,388
  14,279
  15,205
  16,169
  17,172
  18,217
  19,305
  20,440
  21,623
  22,858
  24,148
  25,494
  26,901
  28,372
  29,909
  31,518
  33,201
  34,963
Total equity, $m
  4,501
  4,989
  5,501
  6,037
  6,597
  7,180
  7,787
  8,418
  9,074
  9,757
  10,466
  11,202
  11,968
  12,764
  13,592
  14,454
  15,351
  16,284
  17,258
  18,272
  19,330
  20,434
  21,586
  22,790
  24,048
  25,362
  26,737
  28,175
  29,680
  31,254
Total liabilities and equity, $m
  9,536
  10,570
  11,655
  12,790
  13,976
  15,211
  16,497
  17,835
  19,225
  20,671
  22,173
  23,733
  25,356
  27,043
  28,797
  30,623
  32,523
  34,501
  36,563
  38,712
  40,953
  43,292
  45,734
  48,284
  50,949
  53,734
  56,646
  59,693
  62,881
  66,217
Debt-to-equity ratio
  0.410
  0.480
  0.540
  0.590
  0.640
  0.680
  0.710
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.880
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
  1.000
  1.010
  1.010
  1.020
Adjusted equity ratio
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  670
  739
  811
  887
  966
  1,049
  1,135
  1,224
  1,317
  1,413
  1,618
  1,722
  1,831
  1,943
  2,060
  2,182
  2,309
  2,441
  2,579
  2,722
  2,872
  3,028
  3,191
  3,361
  3,539
  3,725
  3,920
  4,124
  4,337
  4,560
Depreciation, amort., depletion, $m
  494
  532
  572
  614
  657
  703
  750
  799
  850
  903
  814
  872
  931
  993
  1,058
  1,125
  1,194
  1,267
  1,343
  1,422
  1,504
  1,590
  1,680
  1,773
  1,871
  1,973
  2,080
  2,192
  2,309
  2,432
Funds from operations, $m
  1,164
  1,271
  1,383
  1,501
  1,624
  1,751
  1,884
  2,023
  2,167
  2,316
  2,433
  2,594
  2,762
  2,936
  3,118
  3,307
  3,503
  3,708
  3,921
  4,144
  4,376
  4,618
  4,870
  5,135
  5,410
  5,699
  6,000
  6,316
  6,646
  6,991
Change in working capital, $m
  70
  74
  78
  81
  85
  88
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
  199
  209
  218
  228
  239
Cash from operations, $m
  1,093
  1,197
  1,306
  1,420
  1,539
  1,663
  1,792
  1,927
  2,067
  2,213
  2,325
  2,482
  2,646
  2,816
  2,992
  3,176
  3,367
  3,566
  3,774
  3,990
  4,215
  4,450
  4,696
  4,952
  5,220
  5,499
  5,792
  6,098
  6,418
  6,753
Maintenance CAPEX, $m
  -314
  -350
  -388
  -428
  -470
  -513
  -559
  -606
  -655
  -706
  -759
  -814
  -872
  -931
  -993
  -1,058
  -1,125
  -1,194
  -1,267
  -1,343
  -1,422
  -1,504
  -1,590
  -1,680
  -1,773
  -1,871
  -1,973
  -2,080
  -2,192
  -2,309
New CAPEX, $m
  -287
  -304
  -319
  -333
  -348
  -363
  -378
  -393
  -409
  -425
  -441
  -459
  -477
  -496
  -515
  -536
  -558
  -581
  -606
  -631
  -659
  -687
  -717
  -749
  -783
  -818
  -856
  -895
  -937
  -980
Cash from investing activities, $m
  -601
  -654
  -707
  -761
  -818
  -876
  -937
  -999
  -1,064
  -1,131
  -1,200
  -1,273
  -1,349
  -1,427
  -1,508
  -1,594
  -1,683
  -1,775
  -1,873
  -1,974
  -2,081
  -2,191
  -2,307
  -2,429
  -2,556
  -2,689
  -2,829
  -2,975
  -3,129
  -3,289
Free cash flow, $m
  492
  543
  599
  658
  721
  787
  856
  928
  1,003
  1,082
  1,125
  1,209
  1,297
  1,389
  1,484
  1,582
  1,684
  1,791
  1,901
  2,016
  2,135
  2,259
  2,388
  2,523
  2,664
  2,810
  2,963
  3,122
  3,289
  3,463
Issuance/(repayment) of debt, $m
  520
  546
  573
  599
  626
  652
  679
  706
  734
  763
  793
  824
  857
  891
  926
  964
  1,003
  1,045
  1,089
  1,135
  1,184
  1,235
  1,289
  1,346
  1,407
  1,471
  1,538
  1,609
  1,683
  1,762
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  520
  546
  573
  599
  626
  652
  679
  706
  734
  763
  793
  824
  857
  891
  926
  964
  1,003
  1,045
  1,089
  1,135
  1,184
  1,235
  1,289
  1,346
  1,407
  1,471
  1,538
  1,609
  1,683
  1,762
Total cash flow (excl. dividends), $m
  1,012
  1,089
  1,172
  1,257
  1,346
  1,439
  1,535
  1,634
  1,738
  1,845
  1,918
  2,034
  2,154
  2,279
  2,410
  2,546
  2,688
  2,835
  2,989
  3,150
  3,318
  3,494
  3,678
  3,870
  4,070
  4,281
  4,501
  4,731
  4,972
  5,225
Retained Cash Flow (-), $m
  -466
  -488
  -512
  -536
  -559
  -583
  -607
  -631
  -656
  -682
  -709
  -737
  -766
  -796
  -828
  -862
  -897
  -934
  -973
  -1,014
  -1,058
  -1,104
  -1,152
  -1,204
  -1,258
  -1,315
  -1,375
  -1,438
  -1,505
  -1,575
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  546
  601
  659
  722
  787
  856
  928
  1,003
  1,081
  1,163
  1,209
  1,297
  1,388
  1,483
  1,582
  1,684
  1,791
  1,901
  2,016
  2,136
  2,260
  2,390
  2,525
  2,666
  2,813
  2,966
  3,126
  3,293
  3,467
  3,650
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  523
  550
  574
  594
  610
  621
  627
  627
  621
  610
  574
  553
  528
  498
  464
  428
  390
  350
  310
  271
  234
  198
  166
  136
  109
  87
  67
  51
  38
  27
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Autoliv, Inc. is a supplier of automotive safety systems with a range of product offerings, including passive safety systems and active safety systems. The Company operates through two segments: Passive Safety and Electronics. The Passive safety products include modules and components for passenger and driver-side airbags, side-impact airbag protection systems, seatbelts, steering wheels, inflator technologies, whiplash protection systems and child seats, and components for such systems, as well as passive safety electronic products, such as restraint electronics and crash sensors. The Active safety products include camera-based vision systems, night driving assist, automotive radars, brake controls, positioning systems, electronic control units, and other active safety systems. As of December 31, 2016, including joint venture operations, the Company had approximately 78 production facilities in 25 countries, consisting of both component factories and assembly factories.

FINANCIAL RATIOS  of  Autoliv (ALV)

Valuation Ratios
P/E Ratio 13.1
Price to Sales 0.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 20.6
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.8%
Cap. Spend. - 3 Yr. Gr. Rate 5.6%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 36%
Total Debt to Equity 42%
Interest Coverage 14
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 15.9%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 20.4%
Gross Margin - 3 Yr. Avg. 20%
EBITDA Margin 12.4%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 30.1%
Eff/ Tax Rate - 3 Yr. Avg. 30.7%
Payout Ratio 35.8%

ALV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALV stock intrinsic value calculation we used $10382.6 million for the last fiscal year's total revenue generated by Autoliv. The default revenue input number comes from 0001 income statement of Autoliv. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ALV stock valuation model: a) initial revenue growth rate of 11.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ALV is calculated based on our internal credit rating of Autoliv, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Autoliv.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ALV stock the variable cost ratio is equal to 91.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ALV stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Autoliv.

Corporate tax rate of 27% is the nominal tax rate for Autoliv. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ALV stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ALV are equal to 24.2%.

Life of production assets of 8 years is the average useful life of capital assets used in Autoliv operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ALV is equal to 5.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4035.1 million for Autoliv - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 87.133 million for Autoliv is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Autoliv at the current share price and the inputted number of shares is $7.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Autoliv Declares Quarterly Dividend   [Nov-08-18 05:29PM  PR Newswire]
▶ Financial Report July - September 2018   [06:18AM  PR Newswire]
▶ Risk-Reward With Autoliv   [Oct-22-18 01:45PM  GuruFocus.com]
▶ Invitation to Autoliv's Q3 2018 Teleconference   [Oct-12-18 09:15AM  PR Newswire]
▶ Markets Keep an Eye on Earnings, EM Despite Record Highs   [Sep-21-18 06:00AM  Bloomberg Video]
▶ El-Erian Sees Political Pressure Building on Central Banks   [Sep-17-18 11:03AM  Bloomberg Video]
▶ Autoliv (ALV) Beats Q2 Earnings Estimates   [Jul-27-18 10:25AM  Zacks]
▶ Autoliv Inc. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ [$$] Autoliv and Delphi: A Tale of Two Spinoffs   [Jul-20-18 12:18PM  Barrons.com]
▶ El-Erian Says Active Investors Have Upper Hand   [11:09AM  Bloomberg Video]
▶ Autoliv Completes Spin-off   [02:19AM  PR Newswire]
▶ Autoliv Prices EUR 500 Million Bond Issue   [Jun-18-18 04:57AM  PR Newswire]
▶ Autoliv Prices EUR 500 Million Bond Issue   [04:48AM  PR Newswire]
▶ El-Erian on Emerging Markets, Global Central Bank Policy   [Jun-08-18 11:29AM  Bloomberg Video]
▶ Gabelli & Companys Annual Automotive Aftermarket Symposium   [May-23-18 07:30AM  Business Wire]
▶ Autoliv Provides Update on Planned Veoneer Spin-off   [May-21-18 08:38AM  PR Newswire]
▶ Why Investors Are Skittish Despite Strong U.S. Earnings Season   [May-15-18 02:47PM  Bloomberg Video]
▶ Don't Underestimate Emerging Market Weakness, Says El-Erian   [May-08-18 11:11AM  Bloomberg Video]
▶ El-Erian Says Global Growth Is Coincidental   [10:34AM  Bloomberg Video]
▶ The Market Challenges of a Flattening Yield Curve   [May-01-18 09:53AM  Bloomberg Video]
▶ Autoliv Inc.'s Sales and Profits Rise to Record Levels   [Apr-27-18 01:37PM  Motley Fool]
▶ Autoliv: 1Q Earnings Snapshot   [07:46AM  Associated Press]

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